In every market, you control what matters most (your behavior).
• Risk is a permanent loss of capital.
• Start now. Start again tomorrow.
• Trouble is opportunity.
• “Diversified” does not mean “never going to go down.”
• Do less than you think you should.
• Get rich quick and get poor quick are sides of the same coin.
• If it’s exciting then it’s probably a bad idea.
• This time isn’t different (and neither are you).
• Excess is never permanent.
• Your life is the best benchmark.
Archives of “Human Interest” tag
rssJust Drop These 15 TOXIC Thoughts
Here are fifteen toxic thoughts to ban from your self-talk:
1) “It’s too late.” – No matter who you are, no matter what you did, no matter where you’ve come from, you can always change and become an improved version of yourself. Peace, strength and understanding will come to you when you manage to tune out the noisy judgments of others, in an effort to better hear the soft and steady hum of your own inner strength. And once you hear it, you will realize that it’s not too late to be what you might have been.
2) “If only I was stronger, smarter, more attractive, etc.” – The absolute worst loneliness is to not be comfortable with yourself. It’s always better to be true to yourself, and risk incurring the ridicule of others, rather than trying to live a lie, only to incur your own self-contempt. Remember, almost everything that happens to you is a direct reflection of what you believe about yourself. You can’t possibly outperform your level of self-esteem. You can’t draw from yourself more than you think you are worth.
3) “What I have to say is not that important.” – Silence makes the inner battle much harder and longer. Speak your truth. Let it out… before it kills you! Honestly, this is one of the saddest things about so many people – their most important thoughts and feelings often go unspoken and barely understood. (Read Love Yourself Like Your Life Depends On It.)
4) “The less risks I take, the less regrets I will have.” – You miss 100% of the shots you never take. Choices, chances and changes – start making them. You must make a choice to take a chance, or your life will never change. In the end, more so than the mistakes we make along the way, we regret the chances we didn’t take, relationships we were afraid to have, and the decisions we waited too long to make. (more…)
Admit when you're wrong… and profit
In trading, it’s best to quickly admit when you’re wrong. If you can keep your losses to a minimum, you will be able to preserve your trading capital (along with your mental capital) and improve your odds of profiting from future opportunities. As Jesse Livermore once said, “I have long since learned, as all should learn, not to make excuses when wrong. Just admit it and try to profit from it.”
Life is too short
The great thing about trading is that if you’re good enough at in, you’ll never have to work again.
But whether you’re working or not; making money or not; the one thing you can’t buy is time. It’s Summer and it’s the weekend, so enjoy what life has to offer.
It’s with sadness that I read about the death of John Noyce. He was a foreign exchange technical analyst at Goldman Sachs and wrote “The Charts That Matter Next Week”. He was 36 and died of cancer last week
Law suit? Porn addict? Divorcing? Seeking investment ideas? Worried about the world?-Just Spare 5-10 minutes to read this sermon
Jesus of Nazareth was a Jewish carpenter that was born about 2,000 years ago in Bethlehem, which is now a Palestinian city located in the central West Bank about 10 kilometers south of Jerusalem. Over the course of a very short period of time (about a year) Jesus developed a large following as a miracle worker and religious teacher. He was publicly executed by crucifixion around the year 35, and many millions believe the historical narrative that he was raised from the dead after three days in a tomb, and later ascended into the heavens.
Below is an English translation of one of Jesus’ very famous outdoor lectures, which was widely shared by his disciples that were present, and eventually written down circa 70-90.
If you take 5-10 minutes to read this sermon, then you will know what being a Christian is actually supposed to mean.
I like to read this first thing in the morning, immediately followed by a few minutes of meditation where I sit quietly listening. I would not expect everything in the reading to speak to you, but I believe something will, as is always the case for me.
Excerpted the Gospel of Matthew – Chapters 5-7 (more…)
8 Words For Traders
1. CONFIDENCE: absolutely essential in an environment that feeds on emotional instability.
2. TRUST: if you cannot trust yourself who can you trust? Trust your rules, trust your edge, trust that you will do the right thing-no matter what!
3. FOCUS: you will never learn all there is to learn about the market. Push your ego aside and focus on one market and one edge.
4. ACCEPTANCE: you have to accept what the market is willing to give or you will give the market what it wants to take.
5. RESPONSIBILITY: you and you alone are responsible for the money you lose and the money you make. Take the credit for both. Either way you deserve it.
6. PATIENCE: The market is not the place to learn patience, it is the place to practice it.
7. RULES: the market has no rules and no one else will do it for you. Develop rules for entering AND exiting trades before trades are made.
8. RESPECT: you have to respect the market for what it is not for what you want it to be. The market has a logic all its own. You may not like it but you have to accept it.
You Might be a Bad Trader if:
You Might be a Bad Trader if:
…You are 100% sure about a trade being a winner so you have no need to manage risk.
…You go all in on one trade and it will make you are break you.
…You like to buy deep out of the money stock options not understanding how bad the odds are on them.
…You love directly giving unsolicited advice to other traders due to not understanding they have different trading plans and time frames.
…You are so new to trading you think it is a place of easy money.
…You think traders that talk about risk management and trader psychology are silly and that you are above that.
…You brag to much about your account size and last trade, it indicates to me you do not understand the long term in the markets.
…You are very loud about your winners but never discuss your losing trades.
…You brag to much.
And You Might really be a bad trader if: If you attack trading principles that you do not even fully understand due to lack of real trading.
Trading Psychology – Motivational Quotes For Traders
If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they have planned for you? Not much. – Jim Rohn
You were born to win, but to be a winner, you must plan to win, prepare to win, and expect to win. – Zig Ziglar
All you need is the plan, the road map, and the courage to press on to your destination. – Earl Nightingale
If you go to work on your goals, your goals will go to work on you. If you go to work on your plan, your plan will go to work on you. Whatever good things we build end up building us. – Jim Rohn
Setting a goal is not the main thing. It is deciding how you will go about achieving it and staying with that plan. – Tom Landry (more…)
Now reading What I Learned Losing a Million Dollars. Picked up Peter Thiel's book too.
A memorable passage from Epictetus
Be not deceived, every animal is attached to nothing so much as to its own interest. Whatever then seems to hinder his way to this, be it a brother or a father or a child, the object of his passion or his own lover, he hates him, guards against him, curses him. For his nature is to love nothing so much as his own interest; this is his father and brother and kinsfolk and country and god. At any rate, when the gods seem to hinder us in regard to this we revile even the gods and overthrow their statues and set fire to their temples, as Alexander ordered the shrines of Asclepius to be burnt when the object of his passion died. Therefore if interest, religion and honour, country, parents and friends are set in the same scale, then all are safe; but if interest is in one scale, and in the other friends and country and kindred and justice itself, all these are weighed down by interest and disappear. For the creature must needs incline to that side where ‘I’ and ‘mine’ are; if they are in the flesh, the ruling power must be there; if in the will, it must be there; if in external things, it must be there.
If then I identify myself with my will, then and only then shall I be a friend and son and father in the true sense. For this will be my interest—to guard my character for good faith, honour, forbearance, self-control, and service of others, to maintain my relations with others. But if I separate myself from what is noble, then Epicurus’ statement is confirmed, which declares that ‘there is no such thing as the noble or at best it is but the creature of opinion’.